Complaint Review: Cash Direct Express - GECC

I took out a $400 payday loan with Cash Direct Express on 5/30/08. I filled out the application on the internet on 5/29/08. I also was asked to call an 800 number, which I did. I answered the questions and was told that someone would contact me to finish processing the loan. No one did and the next day I had $400 in my checking account.

On 6/13/08 is when the first automatic withdrawl for the the loan occured for $106 under GECC. For the next 6 pay periods $106 was taken out of my account. This totaled $636. There was also another withdrawl on 6/13 for $40. I thought that was the end the loan was paid off. WRONG!! On 9/5/08 i had two withdrawls on for 95.40 and one for 40.00. I call cash direct express and was told that I had been paying interest on the $400 and that the principal balance owed was $404. So I have paid $800 so far and have not paid the principal down at all. They are draining my bank account and causing me to have overdraft fees. I just want it to stop.

Steph
Camdenton, Missouri
U.S.A.